Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0156%/8h= −17.1% APRpaid last 24h −0.022%

Price spread now: Lighter against GRVT−0.075%7-day average +0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$570.571% of the position

Long on GRVT Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.183%−$18 on $10k

Price spread, last 4 days (all we have)−0.057%−$6 · spread now −0.075%, 7d avg +0.018%

Together, before fees−0.240%+ Points / potential airdropGRVT: Active · Lighter: Season 3 · farm board−$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Lighter is 0.093% cheaper against GRVT than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.018%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT VIRTUAL_USDT_Perp	0.7185	0.0100	pay 0.0050% / 4h	3h 33m	$638K	$941K	10x
Short	Lighter VIRTUAL	0.7180	−0.0056	pay 0.0007% / 1h	33m 06s	$327K	$406K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against GRVT. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee GRVTbpFee LighterbpOrdersPrice spread, now −0.075%Rate

Funding earned: −$32.76
Price spread: −0.075% → +0.018%: −$9.35
Slippage, 4 orders: −$48.14
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$99.25
Costs to cover: 0.571%
Break-even: never at this rate

Slippage from GRVT: live order book, 20 min ago; Lighter: live order book, 12 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy GRVT live order book, 20 min ago	3.46 bp	17.2 bp −$17	24.9 bp −$249	doesn't fit	doesn't fit
Sell Lighter live order book, 12 min ago	4.93 bp	8.7 bp −$9	63.6 bp −$636	doesn't fit	doesn't fit

VIRTUAL on 33 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7184	−0.017%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0112%	1h	0.7181	−0.056%	$2K	$106	10x	as long as short
Lighter VIRTUALshort	−0.0056%	1h	0.7180	−0.075%	$327K	$406K	5x
Phoenix VIRTUAL	−0.0022%	1h	0.7189	+0.054%	$11K	$37K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7186	+0.014%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7186	+0.015%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.946%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7184	−0.014%	$14K	$1.4M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7195	+0.136%	$8.8M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7184	−0.019%	$94K	$294K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7180	−0.074%	$71K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7186	+0.014%	$16.3M	$41.0M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7183	−0.028%	$16.6M	$18.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7187	+0.028%	$2.9M	$9.9M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7183	−0.028%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7187	+0.028%	$16.5M	$4.6M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7184	−0.014%	$3.0M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7185	0.000%	$6.1M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7182	−0.042%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7189	+0.056%	$241K	$213K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7181	−0.052%	$537K	$913K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7182	−0.043%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perplong	+0.0100%	4h	0.7185	long leg	$638K	$941K	10x
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7198	+0.181%	$41K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7187	+0.021%	$54K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7182	−0.042%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7186	+0.007%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7184	−0.015%	$57K	$267K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7187	+0.025%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7188	+0.045%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7185	0.000%	$800K	$952K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7205	+0.278%	$201K	$104K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0486%	1h	0.7193	+0.117%	$590K	$664K	50x	as long as short